Brent crosses $103 as Iran–US ceasefire uncertainty and Hormuz restrictions tighten global supply
Iran seizes ships; US maintains naval blockade, leaving peace talks in limbo
US oil exports hit record highs as global markets scramble to offset West Asia disruptions
Global crude prices extended gains on Thursday amid rising uncertainty over the Iran–US ceasefire. The Strait of Hormuz remains restricted, with both Tehran and Washington effectively blocking transit through the waterway.
Benchmark Brent crude futures rose 1.3% to $103.28 per barrel, while West Texas Intermediate (WTI) climbed nearly 2% to $94.48 per barrel. Crude prices were trading near $65 per barrel before the conflict began and have struggled to fall below $90 since.
1 April 2026
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The US–Iran conflict, which began on February 28, pushed Brent crude to a four-year high of $119 per barrel. To prevent prices from surging to $150 — a level that could trigger a global recession — the US eased some sanctions on Russian oil, while the International Energy Agency released its largest-ever emergency stockpiles.
Hormuz Remains a Flashpoint
According to a Reuters report, Iran seized two ships in the Strait on Wednesday, signalling tighter control over the critical waterway. The Strait of Hormuz carries nearly 20% of global energy trade.
US President Donald Trump has maintained that the US Navy will continue to blockade Iranian maritime trade.
Ceasefire and peace talks remain in limbo as Iran pushes back against US demands. On Tuesday, Trump announced an indefinite extension of the temporary ceasefire deadline, reportedly at Pakistan’s request, amid uncertainty over the next round of negotiations and prospects for a long-term truce.
Iranian Parliament Speaker and lead negotiator Mohammad Baqer Qalibaf said a full ceasefire would only be possible if the US blockade is completely lifted.
Meanwhile, the US Navy has intercepted at least three Iranian-flagged tankers in Asian waters, redirecting them away from areas near India, Malaysia, and Sri Lanka, according to Reuters sources.
Global Demand Pushes US Exports
Supply chain disruptions, declining exports, and output cuts from West Asian oil producers have driven up global demand for crude.
Traders are closely watching US inventory data released on Wednesday, which suggests markets are increasingly relying on American supplies to offset disruptions from West Asia. Total US exports of crude oil and petroleum products rose by 137,000 barrels per day to a record 12.88 million barrels per day.
US crude inventories also increased by 1.9 million barrels, according to data from the Energy Information Administration.
